he talks about fantasyland. i thinki think it is the labor party of this week enters the fantasyland where they are now abandoning trident, selected someone who sits on platforms, and i have now decided when i read they are going to ban mcdonald's i thought it was the 1st sensible decision that they have made. it was in the job destroyer but one of britain's biggest employers. they wonder labor is in the split -- in despair. frankly, i'm loving it. >> thank you. >> thank you, mr. speaker. can i ask my right honorable friend whether he agrees with the february forecast issuing on monday which blocks if we stay in the european union there will be 3 million more migrants by the year 2030. last year my right honorable friend and i were elected on a cleara clear manifesto pays to refuse their migrations in the tens of thousands. how we deliver on that pledge unless we leave the european union? >> the point about the treasury forecast,forecast, it takes the office of national statistics figures and does not alter them

we'll talk about it first, fantasyland, the timing of this book is exquisite. i'm assuming it's not entirely accidental. - it is entirely accidental. - it is entirely accidental. - it is entirely accidental. i started thinking about this book many years ago. really decided that it was a book i was going to write as my next book in 2013, started writing in 2014, still no donald trump on the horizon. - no one had talked about fake news? - no one had talked about fake new or post truth or any of that. - alternative facts? - alternative facts was not yet a phrase. and then, really as i was finishing the draft, i put him in the book. i don't think he, donald trump that is, would have appeared in this book had he not run for president. - and this book would have appeared without donald trump. - this book indeed would have appeared without donald trump, and as i say, donald trump being nominated and elected president became the poster boy for my argument about 500 years of american history. - but, inevitably kurt, you know that people will say well, this is a trump bo

we begin tonight with kurt andersen, a novelist with a new book called fantasyland. it's about truth and whatever happened to truth much let's an excerpt in atlantic this month. >> jeffrey goldberg and scott -- of the atlantic was part of my story this lodges hundred year journey what happened that 1960's. these things that happened in the bohemian left, the countercultural left and the left in academia of you can't judge and the relativism and the find your own truth which came out of that world in the late 60's and 70's, has empowered the far right and empowered donald trump. and isn't that ironic. >> rose: we continue with gil gillian tett looking back at the financial crises. >> at that moment run into problems with confidence and the financial system began to crack. and it became contagious and it became a bit like the financial equivalent of a food poisoning scam. because what started to happen is people woke up one day and realized there was some dirty love making lack of security in the system. no one knew where it was to use the food poisoning analogy again.

now, he talks about fantasyland. i think it's the labour party said this week entered fantasyland when they are now abandoning tridents in scotland, selected some visits on platforms with extremists in london, and they have now decided when i read, when i read they're going to ban mcdonald's from the party conference, i thought it was the first sensible decision they made. it turns out it wasn't the job destroyer they want to keep away from the conference. it was one of britain's biggest employers. they wonder labour mps are in despair. frankly, i'm loving it. [shouting] >> thank you, mr. speaker. can ask my right honorable friend whether he agrees with the treasury forecast issued on monday which warned that if we stay in the european union there will be 3 million more migrants by the year 2030? last year my right honorable friend and i were elected on a clear manifesto to reduce net migration to the tens of thousands. how are we going to be able to deliver on that pledge unless we leave the european union? >> the p

s "daybreak a fantasyland according to current anderson. this is a new book he considers the political consequence. next. this is bloomberg. ♪ david: this is "bloomberg markets: balance of power." i'm david gura. the late senator says everyone is entitled to his own opinion but not to his own fact. that is a jumping off points for the critic curt anderson. he looked up a line between fact and fiction and how it has been blurred. >> fantasyland is the local election of previous -- predispositions toward believing the untrue. passionately. americans have always been inclined to underscore mergener -- as part of our character. toy have been encouraged embrace the untrue. believing that anything on your own privately, i have no problem , but once at least since the public spear, that is the problem. david: how is what we seeing today different from 300 years ago? this phenomenon of there being a subjectivity to truth. not come from nowhere. it's a not start in 2015 or 1969. there are habits of mind that define americans that go way back. and

. >>> kiss knee announced it's going -- disney announced it's going to expand fantasyland. there will be a new ride based on the little mermaid. disney will also update the star tours ride in hollywood studios. the star wars simulator ride will get a new movie. the fantasyland overall will be finished by 2013. >>> he wants to deliver the news but there's one obstacle stopping a nebraska journalism student. but not now. >>> plus, holy cow, the surprise one man encountered in this washington state convenience store. >>> but first, a look at the latest in business news with jeremy hubbard with abc. >> reporter: good morning topping your "moneyscope report" -- president obama marks one year since the financial crisis exploded. mr. obama will be on wall street today a year after lehman brothers collapsed sending the financial world into a panic. in his speech the president will push congress to enact regulatory reform to prevent another meltdown. he'll also outline the administration's plan to wind down government involvement in the financial sector. despite the recent rally the

only in fantasyland can donald trump will president. curt anderson, the author of "fantasyland" which is nothing less than the most important book i have read this year will join us next. >> the creed of "fantasyland" is for an exceptionally fresh feeling choose philips sonicare diamondclean. hear the difference versus oral b. in a recently published clinical study, philips sonicare diamondclean outperforms oral-b 7000, removing up to 82% more plaque and improving gum health up to 70% more. its sonic technology cleaning deep between teeth. from the most recommended sonic toothbrush brand by dental professionals. switch to philips sonicare today. philips sonicare. save when you buy now. theseare heading back home.y oil philips sonicare. thanks to dawn, rescue workers only trust dawn, because it's tough on grease yet gentle. i am home, i am home, i am home no need with thending thcars.com app when on the lot, scan a vin to pull up all the info you need to help get the price you want. start scanning today. ethat's the height ofs mount ever

your article was adapted from the upcoming book, "fantasyland, how american went haywire." let's talk about the big book. it goes all the way back to 1500? year history going back to the pilgrims. charlie: religion is a part of the story. >> it's definitely a part of the story. smoke and mirrors, american business, show business, lots of stuff. we always wear big dreamers and true believers, believe or -- believers of the fanciful and equilibriumh an with practicality and pragmatism, yankee clarity. , in talk about in this book the 1960's, that balance went away. we lost the balance. suddenly, everybody was committed to find her own truth and create their own reality. judge mentalism -- part of what is interesting was that part of my story, this several hundred year journey, was what happened in the 1960's. these things that happened on the cultural left, the bohemian academia,the left in and the relativism and find your on truth, it came out of that world in the late 60's and 70's, and has empowered the far right, and empowered donald. isn't that ironic? charlie: it is, in

ironanalysts said that $30 ore is fantasyland. is $20 crude fantasyland? nothing is run, impossible. long run $20 is probably wrong. but that is as far as i would go. jonathan: good to have you with us this morning to the former ceo of bp and the author of his new book "connect." thank you for joining us. up next, a sweet deal. in talks to buy a telecom assets. we bring you the details next. ♪ jonathan: welcome back to "the pulse." all in the city of london. the ftse 100 lower. the mining index fresh off decade low's. a 2004 low. you know the mining story. here's your bloomberg business flash. nejra: shares and smith & wesson onched an 8 year high investor expectation that gun enthusiast will buy more pistols and rifles as calls for restrictions increase. the company shares of advance in the wake of mass shootings like the one in california last week. morgan stanley has named david -- as a top treasury traitor. he will add the title to his position as the head of u.s. swaps. the news c omes as the bank plans to cut its staff. woodside petroleum abandoned

only in fantasyland can donald trump will president. curt anderson, the author of "fantasyland" which is nothing less than the most important book i have read this year will join us next. whoooo. i enjoy the fresher things in life. fresh towels. fresh soaps. and of course, tripadvisor's freshest, lowest... ...prices. so if you're anything like me... ...you'll want to check tripadvisor. we now instantly compare prices... ...from over 200 booking sites... ...to find you the lowest price... ...on the hotel you want. go on, try something fresh. tripadvisor. the latest reviews. the lowest prices. but on the inside, i feel chronic, widespread pain.like most people. fibromyalgia may be invisible to others, but my pain is real. fibromyalgia is thought to be caused by overactive nerves. lyrica is believed to calm these nerves. i'm glad my doctor prescribed lyrica. for some, lyrica delivers effective relief for moderate to even severe fibromyalgia pain. and improves function. lyrica may cause serious allergic reactions, suicidal thoughts or actio

gerri: at think it's budget fantasyland for us. well, the senate has not backed the budget in 1,351 days, gretchen. come on. we are going to -- our debt is going to get downgraded by standard and poor's and moody's and everyone else, and we will have a sell-off of 2,000 points in the stock market, right? >> you're right. on top of not having a budget, we have also had $5 trillion worth -- five years worth of trillion dollar deficits which is what we are heading toward. the four past years, and the cbo coming out saying we're headed into our fifth. gerri: unbelievable. tyler, to you. a poll shows americans have a higher opinion of cockroaches then they do congress. [laughter] gerri: i mean, think about it. >> it is not hard to see why. you have a congress and administration that is -- solutions challenged. they are not interested in the solutions but the gains, and that is all that the american public is seeing. unfortunately the people who really pay for other taxpayers and the people who go to work every day. they're going to pay

yes, it's like fantasyland. >> i disagree. >> educating children is not fantasyland. >> is the tea party of variant of popular? >> it the precise opposite. it's populist conservative rhetoric, and the mainstream establishment crowd here and the democratic party, you have elizabeth warren and bernie sanders and deblasio, then you have the mainstream party that says you have to win the election. so them to parties are mirror images of one another. >> pilloried by the weight is not of the left-wing of the party, she tilts towards the center and is very smart about her politics. she's always been more or less 's fair to put her in the n't n same league either. >> this is become of very high headed seminar here. now that we have done our duty, don't forget, the mclaughlin group has its own website and you can watch this program or earlier programs on the web at anytime from anywhere in the world. >>> issue number two. adrift from the house of saud. >> the saudi's are angry and exasperated, frustrated and i think i think the us is not showing leadership in this moment. >> this is one of the gr

called $30 "fantasyland." you are knocking on the door of "fantasyland" now. sustainable price of $30 does not physically work. from the $30, enough to take five dollars for shipping from australia and $15 for shipping from brazil. that basically means you are talking about a prize of $25 from australia, or $15 from brazil. there is a lot of high cost producers that are not going to master that price range. it is not sustainable. asyland" at that level. jonathan: is that what needs to happen, though? do prices need to go lower? >> this happens in every cycle. there are people that are suffering. ouldthan: you also said it w be a lonely price. it is still looking pretty crowded in many ways. >> it is crowded and there are a lot of producers that are hanging on by their fingernails. they are burning up their cash reserves of their shareholders. that is a decision for them, not for me. there,hat was say mulch speaking to jonathan ferro. here,at was sam walsh t speaking to jonathan ferro. many are having to cope with what we have seen from commodity markets. the e

you said steve and i were in fantasyland. you happen to be right, but the zit geist of this market -- >> you can be in frontierland, my friend, i don't really care. >> -- is that it shrugs off the negative news -- >> so there was upside coming out of g-7 which was largely unexpected. >> yes. >> you react to the upside >> i think the risk is to the upside i think the market will try to take out the previous high made whenever it was, in early december or january. >> i agree i think you have to look at even sectors that have caught a bit to them recently there's momentum to this tape. >> financials? >> financials, i mean, anything here that has any positive tone coming out of this i think will keep that momentum going. >> because we're a trading show, i want to make it clear, i am not bearish on the world but i can tell you 2,800 on the s&p in this environment with the fed and ecb next week, the two biggest risks for the market, why do you think these things are going to go higher, i don't think so. >> social butterflies twitte

kurt: it is called "fantasyland: how american went haywire, a 500 year history." it goes back to the pilgrims. charlie: religion is a part of the story. kurt: it is definitely part of the story, as is smoke and mirrors, american business, show business, lots of stuff. we always were big dreamers and true believers, believers of the fanciful and dubious, with an equilibrium with practicality and pragmatism, yankee clarity. as i talk about in this book, in the 1960's, that balance went away. we lost the balance. suddenly, everybody was permitted to find their own truth and create their own reality. judgementalism was no longer permissible. part of what is interesting was that part of my story, this several hundred year journey, was what happened in the 1960's. these things that happened on the cultural left, the bohemian left, the countercultural left, , theeft in academia relativism and the find your own truth came out of that world in the late 1960's and 1970's, has empowered the far right, and empowered donald. isn't that ironic? charlie: it is, indeed. how did i

this is part of trump's fantasyland. first of all, the national debate about this should be about stopping all shootings, not just school shootings. it shouldn't just be about teachers and students. second, this is fantasyland thinking. let's talk the las vegas massacre. there were many officers both at the concert and inside the man allay bay hotel and 58 people still died. we've got to provide the proper context for these ridiculous quotes that are out there. even if president trump prefers to live in a fantasiland, journalists have to at least try to help him see the reality. joining me noun is dan rather, former anchor of the cbs evening news. he currently anchors the nus with dan wrather on the young turks streaming network and in washington this weekend, sara, and dug high a cnn politico commentator. doug, let me start with you. sometimes when i try to point out these missed quotes and miss attributions, the sloppiness are, the misleading rhetoric, i got a lelot of people that say brian, we know. you don't need to

now the wedding page is fantasyland. and the obituaries, everything is curtailed, you know, or manipulated to create a certain culture. our popular media is like that as well, that is, movies and things. i think we need to look for things that will really speak to the values that are authentic moral concerns that many people have. and there are a great many of them. i mean, children have a civilizing effect on many people. not on all people, unfortunately, because now we hear about children being put in wastebaskets and things like that. i think people have to think about things that are more solid and reliable. and we have to be creative enough and winsome enough to be able to articulate these values, not as hostile values to people. we ought not to be and we ought not to let ourselves be characterized as skoals, telling people what they need to do and stuff like that. we need to be winsome. we need to call people to their better selves that they know. by their nature, they know this. and, so, yes i think it's going to

. >> i think that is fantasyland. a wish list idea. it simply cannot happen if you look at the impact on the broad on supply.st we are right down at the bottom, as i mentioned. we are making very, very healthy margins. david: fantasyland. he said it could not happen. what do you say? ken: sam looks like he is in fantasyland right now. [laughter] cannot getjor miners it through their head how bad china is. they keep producing. on what wea study think the copper producers will produce. even though the price of copper was down 20% last year and down 30% this year, they are going to raise copper production of the other -- and 9% next year when copper demand is down. the stocks have sold incredibly hard. toaking as someone who used be an activist investor, i'm going to these boards and saying, "what the heck are you thinking? what is going through your heads?" on inof insanity is going this industry right now and it is only showing up in the equities, which are just really trounced, and the prices of from materials, which are being absolute

the question is are the democrats still living in fantasyland? pelosi said, i have never said -- i'm trying to find it. i have never said, as the president did, if they like their plan, they can keep it. look at her website. we have a picture of it. on her website right now. keep your doctor and your current plan if you like them. hello! earth calling nancy. >> she said it. they need to own it. the american people aren't stupid. you can't fake people out of getting cancellation notices from insurance companies. 5 million americans now being told they don't have coverage. they have no recourse. they have an 800 number that directs them to limo repair shops. there is nowhere for people to go. no one wants to take responsibility. >> they are not on ether. we are seeing people signing up. they can sign up through private health insurance which is where they were insured before. in jan general the letters offer new coverage and hopefully -- >> at what cost? >> the letters that may or may not come from insurance company ifs they decide to do it if the

we are knocking on the door of fantasyland right now. >> we are still looking at fantasyland because the sustainable price of $30 just will not physically work. take fiveyou need to dollars for shipping from australia, $15 for shipping from brazil. so that means you are talking about a price of 25 from australia or 15 from brazil. there are a lot of high cost producers that are not going to pass muster at that sort of price range. it is not sustainable. it is fantasyland at that level. happenhat what needs to -- that prices need to go lower? grexit is what happens in every cycle. that thereight now are people suffering pretty loudly. be a lonelyit would place if we got anywhere near 30. it is still looking pretty crowded in many ways. it is crowded and there are a lot of producers hanging on by their fingernails. up the cashning reserves of their shareholders. that's a decision for them, not for me. that was sam walsh. before we go to break, u.s. natural gas sold at its lowest level since 1999 and you can thank el niÑo for that and the warmer than expected winter we have had. 20ing

in its hey day, it was the ultimate fantasyland, an escape where michael jackson could pretend he was a kid and watch others enjoy the childhood that he had missed. one overnight visit or said as a child he would fight to stay up all night because there was too much to miss if he shut his eyes. few have actually gone inside the place where michael jackson called home for 17 years. we're about to take you on a rare tour of this california landmark. we'll check out his two-story

you would have to live in a budgetary fantasyland not to understand -- lou: there is the explanation. >> that could be it. in fantasyland having a trillion dollars in additional spending commitments every year as a result of the explosion of the entitlement programs of the next decade. it does not matter, but in the real world it means that we can no longer finance the regular operations of government. we are late and my and -- interest obligations and had to to the next generation an economy that is impaired and the huge bill. there is absolutely no justification for not taking this problem on right now and, quite frankly, if you are a person who is going to retire on social security into number 15 years you would like to see that program fixed so that it survives, and it is not going to we are not doing a good service to future seniors, certainly not to the next generation. lou: let me ask you this. sequestration kicks sand and just under 60 days. that is -- unless they differ again. goodness knows, i'm sure there would not even consider such a thing. >> never. lou: the idea of cutt

is calledhe book "fantasyland, how america went haywire, a 500 year history." kurt andersen. ♪ >> you are watching "bloomberg technology." let's start -- start with a check of your first word news. president trump chooses jerome powell to become the next member of the u.s. bank. if confirmed by the senate, powell will succeed janet yellen when her term ends in february. president trump once the gop tax overhaul signed into law in time for the holidays. pres. trump: we are working to give the american people a giant tax cut for christmas. we are giving them a big, au

there is also beauty and the beast couastle. >> we're doubling the size of fantasyland. they have a whole new way to experience their favorite characters. >> kids will be excited about that. the project is expected to be completed by 2013. 35 degrees on tv hill. coming up -- >> a homicide detective is recovering after being shot inside a city parking garage. details are next. >> fog and rain showers out there this morning. >> fire activity has created some closures in carroll county. we will update you on that. >> live, local, late-breaking, this is wbal-tv 11 news today. >> good morning, everyone. welcome back. i am stan stovall. >> and i'm mindy basara. thank you for joining us this morning. we do have some school delays to this morning. you can find them at the bottom of your screen. >> 90% of you are not going to have to worry about any ice this morning. that is up to the pennsylvania line. >this is my chicago attitude. ice is a different story. i agree with what happened yesterday. ice is different. this is a good precautionary note. let's look what is happening on

stockman: it is basically fantasyland. they have been kicking the can so long that the magnitude of the problem is almost insuperable. mixesmagine policy make that have no chance of happening. not only does this budget project gdp that can't happen, but they also have what they trillion,s $7.5 doubling the standard deduction all the rest of it, and yet they say they are going to pay for it with 100% offsets so there's no revenue loss. david: if the double count? mr. stockman: it is a double count. i'm all for lower rates, as that's what reagan did in 1986, but how are you going to come up with $7.5 trillion of offsets when you have k street lobbyists lined up from one end of the swamp to the other? the big dollars or really be on reach. the biggest loophole that you can close is the health exclusion. the house republicans chickened out on that during the obama care repeal. the next biggest one is $180 billion, which is pensions and iras. the third one is capital gains and dividends treated on a preferential basis. when you

now, he talks about fantasyland. i think it's the labour party said this week entered fantasyland when they are now abandoning tridents in scotland, selected some visits on platforms with extremists in london, and they have now decided when i read, when i read they're going to ban mcdonald's from the party conference, i thought it was the first sensible decision they made. it turns out it wasn't the job destroyer they want to keep away from the conference. it was one of britain's biggest employers. they wonder labour mps are in despair. frankly, i'm loving it. [shouting] >> thank you, mr. speaker. can ask my right honorable friend whether he agrees with the treasury forecast issued on monday which warned that if we stay in the european union there will be 3 million more migrants by the year 2030? last year my right honorable friend and i were elected on a clear manifesto to reduce net migration to the tens of thousands. how are we going to be able to deliver on that pledge unless we leave the european union? >> the p

the power outage affected toon town and fantasyland. people were stuck on some rights by 30 minutes. they are doing a case-by-case refund. i think they just need to give everyone a one-day pass back. >> it is a lot of money because that is a busy week but really that would go a long way because you probably save your life savings to go on this trip. >> we took our kids to disneyland for the first time one month ago. you build up to it and the kids are excited. >> case-by-case do i have to prove? >> think about how much time it will take.>> maybe they are listening. disney, listen up. >>> in other news, here in the bay area an injured man who spent hours stranded out in the cold has been rescued from uvas reservoir. the man slipped and fell sometime last night. >> christien kafton is in los gatos with more on how the man was found. >> reporter: good morning, we are here at one of the fire stations. the crew is out on another call after that rescue. here is some video so you can see how dramatic and dire the situation was. a 40-year-old h

fed kindn my view, the of establish this fantasyland, but a credible fantasyland in which for 30 quarters in a row yearve been saying, "next conditions are going to be really strong and we are going to raise." the data comes in. well, we are not going to raise yet. we are going to wait until next quarter when i forecast says it is going to be great. now we're back on that cycle. >> why is this? you advise the new york fed? are they saying, we have been wrong a lot, we should adjust our position? >> that is what they should. the new york fed has been better than most of the regional feds on that front. i think it is because, and the this, iot alone in think it is because most of the forecasting models are fundamentally about reversion to the mean and we predict the future will look like the past looked. they're basically saying in the model, implicitly, when house prices go up, the data from the us people will spend money and the economy will come booming back. and what happened in 2006 is the thing that is abnormal, not now. >> if you are running a company and you had a model that kept ge

our 44th president is shown in a fantasyland. people who support his policies are also living in said fantasyland. i am just kidding. everybody knows he did a lot for iran. it will hang alongside george w. bush and bill clinton whose photo is not showable on a family network. michelle obama's portrait will be shown alongside other first lady portraits. sadly this isn't the only time hillary found herself on the outside look in at the presidency. what happened? you are so sexist in there. topic number three. let's head down to the brazilian city where the locals played a dirty trick on the tourists. this is the annual mud party which is a lot like carnivale in rio. they believe diving into the mud has healing powers. the festival attracted over 10,000 people. i had to cover it because all that mud wrestling takes me back to my college days. i still have mud coming out of places i can't mention here or there. topic number four. it's mugshot monday which i weave into the conversation. in honor of an inmate who was rearrested for smu

you say getting a better deal is a fantasyland. some other stuff that i would consider fantasyland is believing that you have access to military sites when the iranian lich leadership tells us that we don't. fantasyland is agreeing to a three-member advisory board when one of the members is declared an independent member but there is no details how that independent member is selected. fantasyland is saying there is no secret deal with iran and the iaea each though we're acknowledging there is an agreement and that it's secret. fantasyland is saying that this deal provides 24/7 where necessary, when necessary inspections which don't in fact exist. a fantasyland is saying iran does not want to destroy the united states, dismissing their death to america pledge as just rhetoric. i don't believe that this is a great option, as you just said to the last person. i know it. the american public knows it, there is an alternative other than war that is a better deal. america got played like a five-string quartet. a lot of americans have foug